Business

Amplify Energy Stock Tumbles After California Oil Spill

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Oil washed up on Huntington Seaside, Calif., on Sunday.



Picture:

Mario Tama/Getty Pictures

Shares of

Amplify Energy Corp.


AMPY -43.83%

misplaced almost half their worth Monday after a major oil spill on the firm’s platform off the coast of Orange County, Calif., over the weekend.

California officers on Sunday were trying to limit damage from the spill of an estimated 126,000 gallons that prolonged from Newport Seaside to Huntington Seaside, a distance of about 6 miles.

Amplify, a Houston-based oil and natural-gas firm, mentioned it has shut down all of its production and pipeline operations within the space as a precautionary measure, including that it has despatched a remotely operated car to research and try to verify the supply of the discharge.

Amplify shares fell 44% Monday to $3.23.

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Seal Seaside Nationwide

Wildlife Refuge

Oil slick

noticed

Sunday

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Seal Seaside Nationwide

Wildlife Refuge

Oil slick

noticed

Sunday

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Seal Seaside Nationwide

Wildlife Refuge

Oil slick

noticed

Sunday

The corporate notified the Coast Guard in regards to the spill Saturday morning after employees conducting a line inspection seen a sheen within the water, Amplify Vitality Chief Government

Martyn Willsher

mentioned. The offshore platform receives oil from about 70 wells after which sends it to a neighborhood refinery.

Native well being officers instructed residents within the affected space to keep away from strolling, swimming or browsing close to the affected seashores and wetlands. Additionally they suggested folks to keep away from touching any oil on seashores or trying to rescue any wildlife affected by the oil.

Crews raced to wash up an estimated 126,000 gallons of crude that leaked from an oil-processing platform off the coast of Southern California.

Write to Colin Kellaher at colin.kellaher@wsj.com

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https://www.wsj.com/articles/amplify-energy-shares-tumble-after-california-oil-spill-11633352479?mod=pls_whats_news_us_business_f | Amplify Vitality Inventory Tumbles After California Oil Spill

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